Highest Silver Grades To Date From The Calico Project

VANCOUVER - Apollo Silver Corp. reported on the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project located in San Bernardino County, California. Results include the thickest, highest grade silver intercept reported to date at Calico: 189 g/t silver (“Ag”) over 140.5 meters (“m”) from surface (114 m estimated true width, hole W22-RC-042). Additional new significant intercepts have been identified as well.

“We are delighted with the results from the 2022 drilling at Calico,” said, VP Exploration & Resource Development, Cathy Fitzgerald. “The design of the 2022 drill program included not only infill drilling, but targeted drilling to define high-angle structures that may have acted as feeder zones for silver mineralization. Our drilling results to date, in combination with historical and new mapping has allowed us to more accurately model controlling structures and identify trends in high-grade silver mineralization. These outstanding results support our understanding of the geological controls on high grade silver mineralization. With the laboratory results coming in at a steady pace, we are in an excellent position to hit the ground running with the resource update work program.”

“The results include the highest grade intercepts Apollo has defined on the Calico project to date,” commented President and CEO, Tom Peregoodoff. “These high-grade silver intercepts, over significant thicknesses, along with the continued identification of silver mineralization below the base of the MRE both support the potential expansion of the contained silver resource at Calico. Work by Stantec has commenced and we are on track and well placed to deliver the revised silver resource estimate for Calico in Q1 of 2023.”

Of the 15 holes, 14 intersected silver mineralization above the MRE cut-off grade (COG) of 50 g/t silver. Eight holes were for the purpose of mineral resource infill drilling, one hole was a twin of a historic drill hole and the remaining six were completed to better define structural boundaries or steeply dipping mineralized structures. Assay results continue to support the robust nature of the current MRE block model of near-surface silver mineralization at the Waterloo property and assist in refining modeled structures and controls of zones of bonanza style high grade silver mineralization.

Six of the 15 holes reported here were selected for gold analysis as they targeted the modeled gold-mineralized horizon at the Barstow-Pickhandle lithologic contact, occurring between 10 m and 30 m beneath the base of the silver MRE. As previously reported, the modeled gold-mineralized horizon is estimated to be approximately 900 m by 400 m in size, and from 5 to 45 m in thickness.